Wafrah rights trading, new shares subscription begin today

Logo of Wafrah for Industry and Development Co.

Wafrah for Industry and Development Co. subscription to new shares and rights trading begins today, June 20, to increase capital by 200% from SAR 77.17 million to SAR 231.51 million.

Rights trading will end on June 27, while subscription to the new shares will close on June 30.

The company intends to offer 15.43 million shares, at SAR 10 each, granting each registered shareholder on the record date two rights for every share held. 

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

In the event that shares remain unsubscribed, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.

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